Asia energy

SEOUL — A cross-border power grid system that would connect South Korea with China, Russia and Japan is expected cost over 7 trillion won (US$6.2 billion) to build, a state-run utility firm said today. In a feasibility report submitted to parliament, the Korea Electric Power Corp. (KEPCO) said connecting the electricity system between the four nations for the so-called Northeast Asia super grid would cost around 7.2 trillion to 8.6 trillion. KEPCO estimated 2.9 trillion won for connecting China’s eastern port of Weihai with South Korea’s western port of Incheon via undersea power cables that will cover some 370km. It also estimated 2.4 trillion won to link Vladivostok in the Russian Far East, via North Korea, to the northern part of Gyeonggi Province using land cables, which would cover approximately 1,000km. To connect with Japan, the report proposed linking Goseong in South Gyeongsang Province with either Kitakyushu or Matsue, both on the northern coasts of … [Read more...] about Northeast Asia power grid to cost at least $6.2b: KEPCO

Hopes for the US-North Korea summit have being reignited after a flurry of weekend diplomacy, including a surprise meeting between Kim Jong Un and South Korean President Moon Jae-in. (Photo: AFP) Both main contracts tanked on Friday after Saudi oil minister Khaled al-Faleh said his country could open the taps wider in the second half of the year to insure against any supply shocks. His Russian counterpart Alexander Novak said they had spoken about a two-year-old deal capping production, adding OPEC and other members of the pact would discuss lifting limits next month. The comments come as supply worries increase, with major producer Venezuela hit by economic uncertainty, Iran facing painful export sanctions and demand seen picking up. On Friday, Brent sank three percent and WTI fell 4 per cent, and in early Asia business they were both down a further 2 per cent. The losses come after crude earlier this month hit levels not seen since November 2014, and led to sharp selling in Asian … [Read more...] about Asia energy firms dive with oil, Trump Kim hopes provide optimism

Earlier, Wouter was appointed as the president and CEO of GE ASEAN, whose responsibilities were to superintend the merger of Alstom’s energy business with GE in 2015.Addressing the new post, Van Wersch said, “With a total population of more than 840 million across 15 countries, the new APAC region could offer numerous exciting opportunities in the energy business, so I look forward to working with our talented teams to drive business growth in such a dynamic and diverse part of the world. It is a region which covers fast-growing emerging nations with ambitious infrastructure and development plans as well as highly developed countries leading the way in the adoption of digital industrial solutions to raise their productivity and efficiency.”Additionally, the Boston-headquartered energy group also announced several promotions across the management board, such as Max York, the newly appointed CEO of GE Australia; Kevin Hart, CEO of GE New Zealand and Papua New Guinea; … [Read more...] about New chief of GE Asia-Pacific appointed

Cambodian fisherman Sles Hiet lives at the mercy of the Mekong: a massive river that feeds tens of millions but is under threat from the Chinese dams cementing Beijing's physical -- and diplomatic -- control over its Southeast Asian neighbors. The 32-year-old, whose ethnic Cham Muslim community live on rickety house boats that bob along a river bend in Kandal Province, says the size of his daily catch has been shrinking by the year. "We don't know why there are less fish now," he told AFP of a mystery that has mired many deeper into poverty. It is a lament heard from villages along a river that snakes from the Tibetan plateau through Myanmar, Laos, Thailand, Cambodia and Vietnam before emptying into the South China Sea, which Vietnam calls the East Sea. Nearly 4,800 km (2,982 miles) long, the Mekong is the world's largest inland fishery and second only to the Amazon for its bio-diversity. It helps feed around 60 million people across its river basin. Yet control over its taps rests to … [Read more...] about Power stacked against SE Asia’s poor as China dams Mekong

The benchmark VN Index on the HCM Stock Exchange edged up 0.33 per cent to close at 1,016.04 points after having scored a total growth of 2.9 per cent last week.The minor HNX Index on the Ha Noi Stock Exchange gained 0.90 per cent to end at 119.98 points. It increased by 1.8 per cent last week.More than 183.4 million shares were traded on the two local exchanges, worth VND4.23 trillion (US$188.3 million).The market trading condition was quite balanced, with 205 advancing stocks against 197 decliners.Bank and energy stocks continued to drive the market upwards on Monday morning, boosted by expectations for good 2017[AC1] earnings results.The banking sector index rose 2 per cent, while that of the energy sector added 0.8 per cent, data on vietstock.vn shows.Gainers among the 11 listed banks included Eximbank (EIB), Bank for Investment and Development of Viet Nam (BID), MBBank (MBB), Sacombank (STB) and Asia Commercial Bank (ACB).Meanwhile, PetroVietnam Gas (GAS), PetroVietnam Technical … [Read more...] about VN stocks advance on banks and energy firms

The benchmark VN Index on the HCM Stock Exchange gained 0.55 per cent to close at 971.26 points. It rose total 2.1 per cent in the previous three sessions.The HNX Index on the Ha Noi Stock Exchange was up 1.26 per cent to end at 115.50 points, extending its growth from a two-day increase of 0.9 per cent.More than 171 million shares were traded on the two local exchanges, worth VND3.47 trillion (US$154.2 million).According to securities firms, the VN Index would move up narrowly, with much of investors’ focus on stocks that could provide good quarterly earnings reports, such as banks and energy companies.Nine of the 10 bank stocks advanced. Asia Commercial Bank (ACB) posted the strongest growth of 5.8 per cent, followed by Sacombank (STB), Vietcombank (VCB) and Vietinbank (CTG).Among energy shares, PetroVietnam Gas (GAS) increased by 2.1 per cent, PetroVietnam Mud Drilling (PVC) jumped 3.1 per cent and PetroVietnam Drilling and Well Services (PVD) was up 1.9 per cent.Consumer and … [Read more...] about Vietnam stocks up as banks, energy firms advance

Vietnamese shares advanced further on Wednesday morning, lifted by banks and energy firms.The benchmark VN Index on the HCM Stock Exchange gained 0.55 per cent to close at 971.26 points. It rose total 2.1 per cent in the previous three sessions.The HNX Index on the Ha Noi Stock Exchange was up 1.26 per cent to end at 115.50 points, extending its growth from a two-day increase of 0.9 per cent.More than 171 million shares were traded on the two local exchanges, worth VND3.47 trillion (US$154.2 million).According to securities firms, the VN Index would move up narrowly, with much of investors’ focus on stocks that could provide good quarterly earnings reports, such as banks and energy companies.Nine of the 10 bank stocks advanced. Asia Commercial Bank (ACB) posted the strongest growth of 5.8 per cent, followed by Sacombank (STB), Vietcombank (VCB) and Vietinbank (CTG).Among energy shares, PetroVietnam Gas (GAS) increased by 2.1 per cent, PetroVietnam Mud Drilling (PVC) jumped 3.1 … [Read more...] about VN stocks up as banks, energy firms advance

The award was presented at the 2017 MIPIM Asia Awards Gala Dinner at the Grand Hyatt Hong Kong on November 29, 2017.Deutsches Haus Ho Chi Minh City is an award-winning, pioneering, premium International Grade A functional office-tower strategically located on the corner of Le Duan Street and Le Van Huu Street in the heart of Ho Chi Minh City. The building consists of approximately 40,000 square meters GFA of prime office real estate including retail areas, a multifunctional exhibition, event and conference area, the Consulate General of the Federal Republic of Germany in Ho Chi Minh City and restaurant areas with an outdoor terrace.Its location in the heart of Ho Chi Minh City is therefore the No.1 destination to do business with Vietnam and ASEAN for German and Central European headquartered companies and institutions. At the same time, Deutsches Haus Ho Chi Minh City is the ideal trading platform for Vietnamese companies doing business with Germany and the European Union.Deutsches … [Read more...] about Deutsches Haus HCMC wins Best Office in Asia award

The project, located in Thanh Hải Commune, Thạnh Phú District, has total investment of VNĐ3.68 trillion (US$160 million).The wind power project will be divided in three phases and is expected to generate 250GWh of clean electricity output per year when completed, enough to power more than 50,000 households.The first phase of the project, with capacity of 30MW, is scheduled to start generating electricity by 2020. The second phase is planned to operate in the fourth quarter of 2020 and the third phase will be started in the third quarter of 2022, Lê Tuấn Kiệt, an officer of the provincial People’s Committee, told Việt Nam News.Currently, Nexif Energy is the major shareholder of the Cốc San Hydropower Project with capacity of 30MW in the northern province of Lào Cai and is developing a renewable energy project with total capacity of 500MW in Việt Nam within the next three years.Nexif Energy was established in August … [Read more...] about Bến Tre approves Nexif Energy’s wind power project

An energy ministry spokesman said state-owned Aramco will maintain "steady supplies to the United States and Europe while exports to Asia will be reduced by more than 100,000 barrels per day" from December's production levels."This is in line with our continued demonstration of keeping to, and in fact, exceeding, our commitments under the declaration of cooperation," he said in reference to the deal by producers to cut production by 1.8 million bpd.The agreement was last month extended until the end of 2018 in a bid to remove a supply glut from the market that has sent oil prices crashing.About 24 producing countries, including all 14 members of the Organization of the Petroleum Exporting Countries and non-OPEC Russia, the world's top producer, are signatories to the deal."We hope that by leading by example, our partners from OPEC and non-OPEC will do the same in order to keep conformity levels above 100 percent and accelerate the rebalancing of the market," the spokesman said.The deal … [Read more...] about Saudi Arabia to cut oil exports to Asia in January